Advanced Energy swings to profit in Q3 2010

(ADPnews) - Nov 1, 2010 - US solar inverters maker Advanced Energy (NASDAQ:AEIS) returned to the black with a net profit of USD 19.95 million (EUR 14.3m) in the third quarter of 2010, compared with a loss of USD 8.4 million a year earlier.

The company said its financial performance improved thanks to a sustained growth in key businesses and a significant acceleration of the inverter business, which sliced 27% share in overall sales for the quarter.

Earnings per share came in at USD 0.45 from a loss per share of USD 0.20 while net profit from continued operations stood at USD 17.6 million, compared with a loss of USD 8.4 million for the year-ago period.

Revenue soared to USD 141 million from USD 43.45 million. Semiconductor sales accounted for 35% of the total, non-semiconductor thin-film sales contributed 29.2%, inverter sales 26.5%, and service revenues were 9.3% of the total sales.

The company's third-quarter order bookings grew 17.2% quarter-on-quarter to 160.3 million, and order backlog at September 30 stood at USD 128.5 million, rising 17.7% on the quarter.

For the fourth quarter, Advanced Energy expects EPS of USD 0.36-0.42 on revenue of USD 140 million-USD 150 million.

(USD 1 = EUR 0.719)

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